Electric car usage is set to dramatically increase over the next 2 years with additional charging stations being incorporated into car parks and filling stations. As of now there are multiple options. Let’s look at some of these options now.
Let’s start by looking at a cost of ownership overview of electric vs the petrol and diesel equivalents.
Many people are attracted to Electric cars. Some of the advantages include:
- Quiet running
- Friendlier to the environment
- Increased starting torque which leads to faster acceleration
- Less moving parts in the electric engine to break
The advantages are very appealing but unfortunately in 2019 we still have three big disadvantages:
- High purchase price
- Limited mileage on a full charge when compared with Diesel or Petrol
- Long charge times (Although this is coming down)
While the overall percentage of UK new car sales is still relatively low, with the continued investment in this area this trend is set to dramatically change.
Some of the best electric car options on the roads of Britain in 2019 are:
- Renault Zoe
- Nissan Leaf
- Jaguar I-Pace and many more.
Recent research now suggests that motorists who own an electric car are overall collectively paying an additional £231 million for their annual insurance premiums.
Some new research conducted by Vantage Leasing concluded that electric vehicles average insurance cost was around 14% higher than petrol or diesel equivalent models – car insurance worked out around £116 higher.
Electric cars worked out on average around 18% higher than the similar Diesel Petrol varieties.
I’ll give an example. The cost of a Volkswagen e-Golf is £27,690 to buy and around £904.45 to get insured. Compare this to £27,000 for the petrol purchase and only £709.91 on insurance. This is a relatively big increase of virtually £200.
At one time the average difference used to be 14%, Electric Car insurance can be up to 37% more expensive than the traditional diesel and petrol variants.
With all this data, what this seems to show is that by 2025, your average motorist could be forking out an extra £231 million in premiums annually as Great Britain’s population of Battery Electric Vehicles rises to an expected two million if recent research is to be believed.
One thing the research also shows is that charging an Electric Car in a garage overnight could mean that there will be higher insurance premiums.
One startling fact I need to let you in on is that the research found car insurance was usually cheaper for cars parked on the road than in the driveway.
Vantage Leasing Managing Director, Rob Walker, said that:
“There’s no doubt UK motorists are ready for EVs.”
“Demand is growing because the technology and infrastructure are getting better every year.”
“However, this optimism could easily be curtailed if the costs mount up.”
“After all, electric cars are touted as being both kinder to the environment and easier on the wallet, so the industry must ensure they are affordable to ensure they become increasingly popular.”
Costs of Electric Cars:
- Renault Zoe – 2019 Electric 0.0L Automatic 5 doors EV I S EDITION NAV R110 ZE40 Hatchback
- Average insurance cost: £895.32
- Original price: £17,720.00
- VW e-Golf – 2019 Electric 0.0L Automatic 5 doors E-GOLF Hatchback
- Average insurance cost: £904.45
- Original price: £27,690.00
- Hyundai Kona electric – 2019 Electric 0.0L Automatic 5 doors EV SE 39 KWH Hatchback
- Average insurance cost: £728.12
- Original price: £24,995.00
- Audi e-Tron – 2019 Electric 0.0L Automatic 5 doors 55 QUATTRO Estate
- Average insurance cost: £1,518.63
- Original price: £70,805.00
- VW e-UP! – 2019 Electric 0.0L Automatic 5 doors E-UP! Hatchback
- Average insurance cost: £641.60
- Original price: £19,615.00
Costs of their Petrol or Diesel Counterparts:
- VW Golf – 2019 Petrol 1.5L Manual 5 doors R-LINE TSI EVO 150 Hatchback
- Average insurance cost: £709.91
- Original price: £27,000.00
- Audi Q8 – 2019 Petrol 3.0L Automatic 5 doors S LINE QUATTRO 55 TFSI 340 Estate
- Average insurance cost: £1,444.37
- Original price: £62,915.00
- Renault Clio – 2019 Diesel 1.5L Manual 5 doors GT LINE DCI 90 Hatchback
- Average insurance cost:£651.22
- Original price: £15,500.00
- Hyundai Kona – 2019 Petrol 1.0L Manual 5 doors SE T-GDI Hatchback
- Average insurance cost: £660.16
- Original price: £17,786.00
- VW UP! – 2019 Petrol 1.0L Manual 5 doors HIGH UP! 75 Hatchback
- Average insurance cost: £642.29
- Original price: £13,000.00